There Are Prospects for the Development of Export of Services
Exporting service provides an opportunuties to expand economic diversification. Accortding to variety reports, service export accounted for the level of an average share of 30% of World`s total trade. Post-pandemic period stresses and mentioned significance of exporting services for developing countries. Azerbaijan has achieved 7 billions USA dollars by exporting not only goods, as well as due the services in the last nine month of 2024. Those indicators contributed to strengthen current account balance profisit and fostering economic growth.
Service export is important as much as merchandise trade for Azerbaijan. Particually, service export is playing essential role in order to finance deficit of non-oil-gas current balance. There are opportunities to discover and enhance potential of service export, including transport, construction, tourism, profession advisory sectors which was estimated 4 billion USD export to abroad according to CBAR. Moreever, non-oil-gas non-trade foreign service balance is accounted minimum negative level of non-oil gdp as result of increase in export of transport, tourism, insurance, finance and professional advisory and consulting to abroad according to last report of CBAR.
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